Sunday, November 13, 2016

Let's go binge borrowing says Trump adviser

Did anyone doubt that the Republican would go on a big government borrowing spree?

Bloomberg: Don’t expect President-elect Donald Trump to adhere consistently to traditional Republican economic policy, or even to positions Trump staked out during his election campaign.That’s the message in an opinion piece written in the Financial Times by Trump economic adviser Anthony Scaramucci that took a swipe at the budgetary discipline promoted for years by fiscal conservatives in the U.S. and Europe. It may point to a coming rift between the new executive branch and the Republican-controlled Congress.“Mr. Trump is a different type of leader not burdened by rigid ideology,” Scaramucci said. “He is not dogmatic about policy positions. Rather, he has set bold targets from which to begin negotiations.”Scaramucci ran though some of Trump’s previously-announced plans, including a proposal for a 10-percent one-off repatriation fee for companies. Trump would “ideally” like to see corporate tax rates cut to 15 percent from 35 percent, he said, adding that even a reduction to equal the U.K. rate of 20 percent would add nearly $600 billion to U.S. GDP.

Paul Ryan chimed in support, suggesting we will need at least 12 trillion just to cover Republican Communist frivolity. I dunnit before, and all it cost us was the Great Recession he exclaimed.